Imagine! Print, Superior Industries, USIC Holdings break; SRS Distribution finalizes pricing

By Sara Rosenberg

New York, June 14 – Imagine! Print Solutions LLC revised its first-and second-lien term loan sizes and sweetened call protection on its first-lien tranche before freeing up for trading on Wednesday, and deals from Superior Industries International Inc. and USIC Holdings Inc. emerged in the secondary market too.

In more happenings, SRS Distribution Inc. firmed the spread on its first-lien term loan at the low end of guidance, and Vivid Seats LLC, Berry Plastics Corp., NEP Group, Cirque du Soleil Canada Inc., Canam Steel Corp. (Canaveral Holdings B Inc.), Belmond Interfin Ltd. and ABRA Auto Body & Glass released price talk with launch.

Also, Exela Technologies came out with timing on the launch of its credit facilities, and Envision Healthcare Corp., Filtration Group Corp., Freedom Mortgage Corp., Clean Harbors Inc., Seminole Tribe of Florida and Sungard Availability Services emerged with new deal plans.

Imagine! revises loans

Imagine! Print Solutions’ lifted its five-year covenant-light first-lien term loan to $385 million from $375 million and extended the 101 soft call protection to one year from six months, according to a market source.

Pricing on the first-lien term loan is still Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99.

Regarding the six-year covenant-light second-lien term loan, it was decreased to $90 million from $110 million, while pricing was left at Libor plus 875 bps with a 1% Libor floor and a discount of 98.5. This tranche has call protection of 102 in year one and 101 in year two.

Both term loans have MFN for life.

Previously in syndication, the spread on the first-lien term loan was increased from Libor plus 400 bps, and the spread on the second-lien term loan was raised from Libor plus 850 bps.

Imagine! hits secondary

With final terms in place, Imagine! Print Solutions’ debt broke for trading on Wednesday, with the first-lien term loan quoted at 99½ bid, par ½ offered and the second-lien term loan quoted at 98½ bid, 99½ offered, a trader added.

RBC Capital Markets LLC and Societe Generale are leading the $475 million of senior secured term loans that will be used to refinance an existing term loan B and fund a special dividend.

Oak Hill Capital Management LLC is the sponsor.

Imagine! is a Minneapolis-based provider of printed in-store marketing solutions.

Superior Industries frees up

Superior Industries’ $388.8 million seven-year senior secured term loan B (B1/B) began trading too, with levels quoted at 99¼ bid, par ¼ offered, a market source said.

Pricing on the term loan is Libor plus 450 bps with a 1% Libor floor, and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

During syndication, the term loan was downsized from $400 million in reaction to the upsizing of the company’s senior notes offering to €250 million from €240 million, pricing was increased from talk of Libor plus 325 bps to 350 bps, the discount widened from 99.5 and the call protection was extended from six months.

Also during syndication, changes were made to the accordion, the excess cash flow sweep, the asset sale sweep, the restricted payments unlimited ratio basket, the definition of permitted investments and the definition of consolidated EBITDA, and the MFN was revised to 50 bps for life from 75 bps for 12 months.

Superior Industries leads

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and RBC Capital Markets are leading Superior Industries’ term loan B.

Proceeds will be used to help fund the acquisition of Uniwheels AG for an aggregate equity price of about $715 million.

Closing is expected this week.

Superior Industries is a Southfield, Mich.-based manufacturer of aluminum wheels for passenger cars and light-duty vehicles. Uniwheels is a Germany-based supplier and manufacturer of aluminum wheels for the automotive aftermarket.

USIC tops par

USIC’s $673 million covenant-light first-lien term loan (B2/B) due December 2023 broke as well, with levels seen at par ¼ bid, 101 offered, according to a market source.

Pricing on the loan is Libor plus 350 bps with a step-down to Libor plus 325 bps at 4.25 times net first-lien secured leverage and a 1% Libor floor. The loan was issued at par and has 101 soft call protection for six months.

During syndication, pricing on the term loan was increased from Libor plus 325 bps, the step-down was added and the issue price was tightened from 99.875.

Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to reprice an existing $633 million term loan down from Libor plus 375 bps with a 1% Libor floor and to add cash to the balance sheet.

Closing is expected on Thursday.

USIC is an Indianapolis-based provider of underground utility locating services.

SRS updated

Back in the primary market, SRS Distribution set pricing on its $704.5 million first-lien term loan (B2/B) due Aug. 25, 2022 at Libor plus 325 bps, the tight end of the Libor plus 325 bps to 350 bps talk, according to a market source.

As before, the term loan has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Final commitments were due at noon ET on Wednesday, the source said.

Barclays and UBS Investment Bank are leading the deal that will be used to reprice an existing first-lien term loan from Libor plus 425 bps with a 1% Libor floor.

Pro forma first-lien leverage is 4.6 times, and total net leverage is 5.4 times.

SRS Distribution is a McKinney, Texas-based roofing products distributor.

Vivid discloses guidance

Vivid Seats held its bank meeting on Wednesday, launching its $525 million seven-year senior secured covenant-light term loan B at talk of Libor plus 425 bps to 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

The company’s $575 million of credit facilities (B2/B) also include a $50 million five-year revolver.

Commitments are due at noon ET on June 23, the source said.

Barclays is leading the deal that will be used to help fund the buyout of the company by GTCR. Following the transaction, Vista Equity Partners will maintain an ownership stake in the company.

Closing is expected this quarter.

Pro forma first-lien leverage is 5 times and total net leverage is 6.6 times, the source added.

Vivid Seats is a Chicago-based secondary ticket marketplace for live sports, concerts and theater events.

Berry reveals talk

Berry Plastics came out with talk of Libor plus 200 bps with a 0% Libor floor and a par issue price on both its $1,695,000,000 covenant-light term loan I due October 2022 and its $500 million covenant-light term loan J due January 2024 that launched with a lender call in the morning, a market source remarked.

The loans have 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on June 20.

Wells Fargo Securities LLC is leading the deal that will be used to reprice existing term loan I and term loan J debt down from Libor plus 250 bps with a 0% Libor floor.

Berry is an Evansville, Ind.-based provider of value-added plastic consumer packaging and engineered materials.

NEP terms surface

NEP Group revealed on its morning lender call price talk on its U.S. and euro first-lien term loan debt and U.S. second-lien term loan, a market source said.

The debt consists of a $717,705,729 first-lien term loan due 2022, a €284,287,500 first-lien term loan due 2024, a fungible $50 million equivalent add-on first-lien term loan launched to both U.S. and euro investors, and a $105 million second-lien term loan due 2023.

The U.S. first-lien term loan is talked at Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, the euro first-lien term loan is talked at Euribor plus 300 bps with a 0.75% floor, a discount on new money only of 99.75 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 700 bps to 725 bps with a 1% Libor floor and a discount of 99.75, the source said.

NEP sets deadline

Commitments for NEP’s U.S. loans are due at 5 p.m. ET on June 21 and euro commitments are due at 5 p.m. GMT on June 21, the source added.

Barclays and Morgan Stanley Senior Funding Inc. are leading the deal, with Barclays the global coordinator and administrative agent on the first-lien and Morgan Stanley the administrative agent on the second-lien.

The debt will be used to reprice the existing euro first-lien term loan and the second-lien term loan, to upsize the first-lien term loan so as to repay some second-lien term loan borrowings, and to extend the U.S. first-lien term loan and the second-lien term loan by 2.5 years.

Pro forma net first-lien leverage is 4.3 times and net total leverage is 4.68 times.

NEP is a Pittsburgh-based outsourced provider of comprehensive live and broadcast production solutions.

Cirque holds call

Cirque du Soleil had its lender call in the afternoon, launching its fungible $65 million add-on covenant-light first-lien term loan (B1/B+) due July 2022 and repricing of its existing $625 million covenant-light first-lien term loan (B1/B+) due July 2022 at talk of Libor plus 325 bps to 350 bps with a 1% Libor floor and 101 soft call protection for six months, according to a market source.

New money is talked with an original issue discount of 99.875, and the old money is talked at a par issue price, the source said.

Commitments are due on June 21.

RBC Capital Markets is the left lead on the deal.

The add-on term loan will be used to fund an acquisition, and the repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor.

Cirque du Soleil is a Montreal-based producer of live artistic entertainment.

Canam Steel guidance

Canam Steel launched with a lenders’ presentation its $310 million seven-year covenant-light first-lien term loan B (B3/B) at talk of Libor plus 525 bps with a 1% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due on June 27, the source added.

Morgan Stanley Senior Funding Inc. and BMO Capital Markets Corp. are leading the deal that will be used to fund the acquisition of Canam by American Industrial Partners, members of the Dutil family, Caisse de depot et placement du Quebec and Fonds de solidarite FTQ for a cash consideration of $12.30 per share.

Closing is expected near the end of this month.

Canam is a Quebec-based fabricator of steel components.

Belmond launches

Belmond Interfin held its bank meeting in the morning and released price talk on its $400 million term loan B and €179 million term loan B, according to a market source.

Talk on the U.S. term loan B is Libor plus 275 bps to 300 bps, and the euro term loan B is talked at Euribor plus 300 bps to 325 bps, the source said. Both loans are talked with a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s roughly $700 million of senior secured credit facilities (B2/BB) also include a $100 million multi-currency revolver.

Commitments are due at noon ET on June 23, the source added.

Barclays, Fifth Third and J.P. Morgan Securities LLC are leading the deal that will be used to refinance substantially all of the company’s existing debt.

Belmond is a London-based luxury hotel company and sophisticated adventure travel operator.

ABRA floats talk

ABRA Auto Body & Glass released talk of Libor plus 300 bps to 325 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months that launched with a lender call during the session, a market source said.

Commitments are due at noon ET on July 21, the source added.

Bank of America Merrill Lynch is the left lead on the deal that will be used to reprice and existing term loan.

ABRA is a Brooklyn Park, Minn.-based provider of vehicle damage repair services.

Exela timing emerges

Also in the primary, Exela Technologies set a bank meeting for 2 p.m. ET in New York on Thursday to launch its previously announced $625 million of senior secured credit facilities (B2/B+), a market source remarked.

The credit facilities consist of a $100 million revolver and a $525 million six-year term loan B.

RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC, Natixis Securities Americas LLC and KKR Capital Markets LLC are leading the deal that will help fund the creation of the company through the merger of Quinpario Acquisition Corp. 2, a St. Louis-based special purpose acquisition company, SourceHOV LLC, an Irving, Texas-based provider of Transaction Processing Solutions and Enterprise Information Management solutions that is majority owned by HandsOn Global Management LLC, and Novitex Holdings Inc., a West Stamford, Conn.-based provider of technology-driven managed services that is owned by Apollo Global Management LLC.

Other funds for the roughly $2.8 billion transaction are expected to come from $525 million in senior secured notes, up to $300 million in senior unsecured notes, cash from Quinpario, rollover equity and cash on hand.

Closing is expected this quarter, subject to customary conditions, regulatory approvals, receipt of approvals from Quinpario stockholders and receipt of proceeds from debt and equity financing.

Envision joins calendar

Envision Healthcare is scheduled to hold a lender call at 1 p.m. ET on Thursday to launch a $500 million incremental term loan B talked at Libor plus 300 bps with a 0.75% Libor floor, an original issue discount of 99.75 to par and 101 soft call protection until Dec. 17, according to a market source.

J.P. Morgan Securities LLC is leading the deal that will be used to fund acquisition opportunities currently in the company’s pipeline that are expected to be completed during the second and third quarters, and to repay any amounts outstanding under its asset-based revolving credit facility at closing.

At March 31, the company had $3.49 billion outstanding under its term loan B due 2023.

Envision Healthcare is a provider of physician-led services and post-acute care, and ambulatory surgery services with co-headquarters in Nashville, Tenn., and Greenwood Village, Colo.

Filtration Group repricing

Filtration Group surfaced with plans to hold a lender call at 11:30 a.m. ET on Friday to launch a $1,154,000,000 senior secured term loan B, according to a market source.

Goldman Sachs Bank USA, BMO Capital Markets and J.P. Morgan Securities LLC are leading the deal that will be used to reprice an existing term loan due November 2020.

Filtration Group is a Chicago-based manufacturer and distributor of filtration products to end markets.

Freedom readies loan

Freedom Mortgage will hold a lender call at 10:30 a.m. ET on Thursday to launch a fungible $250 million add-on first-lien senior secured term loan, a market source said.

Barclays is leading the deal that will be used for general corporate purposes, including potential strategic acquisitions of Mortgage Servicing Rights.

Freedom Mortgage is a Mount Laurel, N.J.-based top tier residential mortgage company engaged in the origination, servicing, selling and securitizing of primarily agency-eligible residential mortgage loans.

Clean Harbors coming soon

Clean Harbors set a lender call for 10:30 a.m. ET on Friday to launch a $400 million senior secured term loan B (BBB-), a market source remarked.

Goldman Sachs Bank USA, Bank of America Merrill Lynch and J.P. Morgan Securities LLC are leading the deal that will be used to help redeem up to $400 million of the company’s outstanding 5.25% senior notes due 2020.

The tender offer for the notes will expire at 11:59 p.m. ET on July 12.

Clean Harbors is a Norwell, Mass.-based provider of environmental, energy and industrial services.

Seminole Tribe on deck

Seminole Tribe of Florida scheduled a lender call for 11 a.m. ET on Thursday to launch a $1.2 billion term loan B, according to a market source.

Bank of America Merrill Lynch is leading the deal that will be used to refinance existing debt.

Seminole Tribe of Florida is a Hollywood, Fla.-based Indian tribe that owns and operates gaming and resort facilities.

Sungard Availability plans call

Sungard Availability Services set a lender call for 11 a.m. ET on Thursday to launch an $896 million term loan B due September 2021 talked at Libor plus 700 bps with a 150 bps step-down at 2.75 times net secured leverage, a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, a market source said.

J.P. Morgan Securities LLC is leading the deal that will be used to extend an existing term loan B by 2.5 years.

SunGard Availability Services is a Wayne, Pa.-based provider of disaster recovery services, managed IT services, information availability consulting services and business continuity management software.

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